World Bank approves $300 budgetary support
6/30/2009 9:09:02 PM -
The board of the World Bank has approved a $535 million donor package to Ghana.
The amount is the biggest ever to be approved for the country in one sitting of the board of executive directors.
Some $300 million of the money is the bank's contribution to Ghana's multi-donor budget support facility and would go to assist programmes lined up in the budget.
According to government sources, $225 million of the amount is earmarked as investment that will go into road construction and other projects in the transport sector with the remaining 10 million dollars going to support programmes aimed at preserving the environment.
If the package is approved, government should get half of the $300 million budget support within one week with the $225 million going into projects spread over 5 years.
Parliament would however have to ratify the facility, and it is hoped that would be done on Thursday, that is, if the approval is given Tuesday.
Even though the World Bank Country Director, Ishac Diwan, had originally pointed to some conditionalities that needed to be satisfied before the funds would be advanced, Joy News has learnt the facility would be approved anyway.
Credit: Joy Business
